New York, April 12, 2023 (GLOBE NEWSWIRE) -- The global agricultural biotechnology market in terms of revenue was estimated to be worth US$ 111 billion in 2022 and is poised to reach US$ 232 Billion by 2032, growing at a CAGR of 7.86% from 2023-2032. The use of scientific tools and processes to improve plant yield is called agritech, a field of agriculture in agricultural biotechnology. Agricultural biotechnology is used to increase the production of crops. Genetically modified or transgenic crops are crops that are altered in some way. Demand for Innovative breeding techniques is expected to boost the market. This is because of the increased penetration of biotechnological tools to innovate or modify organisms' traits, including plants, animals, and microbes, in response to yield, color, or size.
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Key Takeaway:
- By organism type, the plant segment held a dominating revenue share of the agricultural biotechnology market
- By application, the Transgenic crops & animals segment had the highest revenue share
- North America held the highest revenue share at 35.3%.
- Asia Pacific is anticipated to be the second-largest region
Biotechnology tools are in significant demand in agricultural applications. Micropropagation, market-assisted selection or molecular breeding, genetically modified crops and genetic engineering, molecular diagnostic technologies, and conventional plant breeding are involved in it.
Factors affecting the growth of the Agricultural Biotechnology Market
Several factors can affect the growth of the agricultural biotechnology market. Some of these factors include:
- Rising genetically modified crops globally: The growth of crops with high nutrient content, increased food processing characteristics, increased resistance against pest control and diseases, high yield, nitrogen fixation, and improved strength to hold high climatic conditions is all because of genetic modification.
- High demand and increased sustainability of crops: Due to high demand in the market, genetically modified plants are getting highly adopted.
- Use of agriculture biotech for marker-assisted breeding: For creating a new crop variety selective breeding procedure is used. Marker-assisted selection is one of these procedures.
- Increasing demand for food due to the growing population: Growing Population increases the demand for food, increasing the demand for organic fertilizer.
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Market Growth
High demand in the market and increased sustainability of crops are factors because genetically modified plants are getting highly adopted. In addition, increased food processing characteristics, resistance against pest control and diseases, high yield, and growth of crops with high nutrient content are factors responsible for genetic modification.
Regional Analysis
North America dominates the market of agricultural biotechnology. North America is identified as a net exporter of agricultural products of about 30% production. Asia Pacific is expected to grow at a faster rate. Several political and economic systems, cultural backgrounds, and languages characterize the region.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | US$ 111 Bn |
| Market Size (2032) | US$ 232 Bn |
| CAGR (from 2023 to 2032) | 7.86% |
| North America Revenue Share | 35.3% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Several factors drive the Agricultural Biotechnology market: Rising genetically modified crops globally, High demand and increased sustainability of crops, Use of agriculture biotech for marker-assisted breeding, and increasing demand for food due to the growing population. Furthermore, strategic collaborations between major industry players and government initiatives to provide subsidies on medical costs have also served as key drivers for this market.
Market Restraints
Market growth is hampered due to the high cost of these products. Increasing costs from farmers to manufacturers alter the adoption of agricultural biotechnology products. In addition, the application of biotechnology is recent, so it is challenging to evaluate its potential effects on the environment and health. Experts are unaware of the health effects of genetically modified products, so there are many perspectives on this issue.
Market Opportunities
For creating a new crop variety lengthy and imprecise procedure of selective breeding is used. Novel molecular approaches boosted selective breeding tanks by adding jet fuel. Marker-assisted selection is one of these examples. DNA markers guide, support and accelerate plant breeding operations.
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Report Segmentation of the Agricultural Biotechnology Market
Organism Type Insight
The plant segment holds the most significant revenue in the agricultural biotechnology market. Plants generate a high yield and improve the overall productivity of plants resistant to various viruses and diseases. Genetic engineering plays an essential role in agricultural biotechnology because of genetically modified plants and controlled genetic changes produced in the organism. In addition, genetic modification can be used to transfer a gene from one species to another.
Application Insight
Among applications, transgenic crops and animals hold the most significant revenue share. Agricultural biotechnology aids in improving animals and crops by using modern technologies. Some applications of agricultural biotechnology include micropropagation of disease-free plants, enhancing aluminum tolerance, genetic alteration of crops, and agricultural fortification. In addition, transgenic animals have benefits like enhanced prolificacy and reproductive performance, increased feed utilization and growth rate, and improved carcass composition and milk products.
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Market Segmentation
By Organism Type
- Plants
- Animals
- Microbes
By Application
- Vaccine Development
- Transgenic Crops & Animals
- Antibiotic Development
- Nutritional Supplements
- Flower Culturing
- Biofuels
- Other Applications
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Key Players aim at many strategic policies to grow their business globally. R&D, acquisitions, and mergers help improve the market growth of the agricultural biotechnology market. List of key players:
- ADAMA Agricultural Solutions Ltd.
- BASF SE
- Bayer AG
- Benson Hill Inc.
- Certis USA LLC
- Corteva, Inc.
- DuPont de Nemours, Inc.
- Eurofins Scientific SE
- Evogene Ltd.
- Isagro SPA
- KWS SAAT SE & Co. KGaA
- Marrone Bio Innovations, Inc.
- Novozymes A/S
- Performance Plants Inc.
- Syngenta AG
- Vilmorin & Cie S.A
- Yield10 Bioscience, Inc.
- Other Key Players
Recent Development of the Agricultural Biotechnology Market
- In May 2022: Leading agricultural-biologicals company Lavie Bio Ltd, a subsidiary of Evogene Ltd., aims on improving quality of food, sustainability and agricultural productivity by introducing microbiological- based products, revealed that for 2022 season currently in preparation, Lavie Bio successfully in production and sold its decided yield to U.S. customers, Lavie Bio’s latest released bio-inoculant yield for spring wheat.
- In April 2022: KWS joined the DKE data agri router consortium. The forming of networks and the trade and combined use of data are essential lifters for tapping the strength of agricultural digitalization. DKE data drives this forward by getting together international companies and their digital services in the agricultural value chain With the exchange of data platform agrirouter. Also, digital consulting platform myKWS is forming network with seed producer KWS.
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